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Audit Director Commercial Banking and Capital Markets

U.S. Bancorp

U.S. Bancorp

Multiple locations
Posted on Wednesday, September 27, 2023

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One.

Job Description

The Corporate Audit Services (CAS) Director has an exciting opportunity to build and establish an environment that will be impactful, and drive the future of the internal audit staff, and processes.

The Corporate Audit Services Audit Director is a senior level management position that is responsible for leading the Commercial Banking and Capital Markets audit team. This role supports the Senior Audit Director and Chief Audit Executive, in providing the Audit Committee and senior management with independent assurance and advisory services designed to evaluate and improve the effectiveness of risk management, control, and governance processes of U.S. Bancorp (USB), affiliates, wholly owned subsidiaries and entities where USB owns a majority (controlling) interest.

This role is responsible for providing strategic direction, leadership, and coordination of the Commercial Banking and Capital Markets cyclical risk-based audit plans, supporting the senior audit director and Chief Audit Executive. In this role, the leader possesses the business acumen to be able to engage business leaders in their areas of expertise. This role needs to demonstrate excellent collaboration skills, with Digital, Technology, Operations, Compliance, AML, and other audit teams to ensure broad, appropriate coverage with minimal overlaps.

We are seeking an experienced senior business audit executive that has strong knowledge of products, audit, risk management, and regulatory expectations (e.g., Office of the Comptroller of Currency’s Heightened Standards and Federal Reserve Board’s Large Financial Institution Rating System) at large financial institutions, preferably Category I or II. This individual will have skills and experiences to effectively manage deliverables, own and lead the Commercial Banking and Capital Markets audit plan, provide oversight of audit activities over the activities mentioned above, and deliver updates to operating committees, senior management and key stakeholders.

Responsibilities

  • Coordinating with the Senior Audit Director in developing and driving the execution and coordination of the risk-based Annual Audit Plan for Commercial Banking and Capital Markets. Includes identifying auditable entities and assessing product, operational and compliance risk across all auditable entities; determining appropriate audit cycles and audit strategy; and determining necessary audit resources and estimated expenses associated with completion of a forward looking 12-18 month audit plan. Maintaining an effective Continuous Monitoring Program which monitors key risks within auditable entities across multiple business lines and identifies any key emerging/evolving risks by routinely interfacing with independent peer banks on regulatory trends and industry events. Also includes monitoring adequacy of CAS resources and adjusting the audit plan when appropriate and communicating key results of Continuous Monitoring to applicable members across CAS.
  • Effectively manage on-time deliverables, have a track record of owning and leading this work, providing tight oversight of audit activities, as well as monitoring and delivering updates to senior management and executive management when necessary. The Audit Director will have excellent verbal and written communication skills, with the ability to frequently influence change and present complex and sensitive issues to senior management and regulators.
  • Lead a team of senior audit managers, audit managers and professionals and is expected to recruit, hire, and develop assigned personnel in accordance with U.S. Bank Human Resources Policies and Corporate Audit Services Policies, Standards and Guidelines. These duties include active participation in recruiting activities; establishing and managing development plans for assigned personnel; and providing quarterly performance feedback and annual performance evaluations for assigned personnel. Also includes addressing performance problems promptly.
  • Supervise senior audit managers and audit managers in the completion of audit engagements, ensuring the highest quality work delivered timely. Supervision includes:
    • Coordinating with senior audit managers to plan audit engagements.
    • Ensuring reviews are performed to ensure audit engagement work contains relevant facts to support audit scope and conclusions and adhere to internal audit policies and procedures.
    • Reviewing audit reports which communicate audit opinions and audit issues in a timely, clear, and concise manner.
    • Monitoring progress of audit engagements against plan and schedule and working with senior audit managers/audit managers to make necessary adjustments.
  • Overseeing board, committee and other stakeholder reporting for completeness, consistency with other internal audit material and accuracy of the most up-to-date information. Overseeing ongoing progress and remediation by management for all relevant outstanding issues across the entire enterprise and supporting other Audit Directors. Presenting as needed at Sr. Operating Committee and Sub-Committee meetings.
  • Develop and deepen relationships through regular interactions with key internal and external stakeholders that include but are not limited to: senior management; internal control partners; regulatory agencies; external auditors; external subject matter experts; and industry peers. This includes regular participation within industry peer groups.
  • Collaborating across the three lines of defense regarding business processes, risks, and controls. Coordinating audit activities by integrating other internal audit subject matter teams (e.g., Technology, Anti-Money Laundering, Compliance, Risk Management, Data, etc.) to ensure appropriate and efficient coverage of the business products, services, and processes. Managing the team’s workload to assist other audit teams when resources are needed for areas of higher risk.
  • Drive automation and data analytics opportunities within their portfolio.
  • Performing other duties as requested by Senior Audit Director.

Audit Director will exhibit:

  • Business and Commercial Acumen – Has impressive intellectual and critical thinking skills and can be accretive to the senior management teams. Knowledgeable of emerging industry and regulatory laws. Must be able to “deep dive” into the details and the business while staying focused on the big picture and be able to “connect the dots”. Able to quickly integrate complex information and different points of view in problem solving exercises. Effectively probes for information critical to the decision at hand. Can quickly make effective decisions. Demonstrates new insights into situations. Is adept in data driven storytelling.
  • Executing Results – Exhibits competitive drive. Is not afraid to challenge the status quo; exhibits a mindset of creativity, innovation, and an energetic drive to succeed. Creates healthy tension to yield optimal outcomes. Able to set and meet aggressive goals and action plans, both as an individual and leading a team. Able to execute against multiple projects/workstreams, adapt quickly and excel in a fast-paced environment. Exhibits a highly disciplined approach to developing and executing initiatives that reflect the broader business objectives; able to incorporate key inputs from multiple stakeholder groups. Closely manages initiatives for impact.
  • Leadership – A proven leader able to build, lead, motivate and retain a high performing team. Skillfully coaches and mentors’ executives. Gets the best performance from people. Taps into people’s needs, interests, and goals to motivate them to achieve. Inspires commitment from people and mobilizes teams toward high performance and goal achievement. Is a champion for our people and our culture; coupled with a high sense of empathy and OneUSB – firm first mindset. Business leader with progressive experience working at both strategic and executional level, consulting with executive leaders, and operating in a matrixed environment.

Preferred Skills/Experience

  • Bachelor’s degree (preferably in Accounting, Finance, Management Information Systems).
  • 15 years’ experience, preferably at Category I or II Banks in Internal Audit senior leadership level, risk, or business line senior management, specifically in commercial banking, commercial real estate, and capital markets Five or more years of managerial experience. CIA, CPA, CISA or other relevant professional designation
  • Proven leadership skills. Expert level of verbal and written communication, relationship building and negotiation skills. Expert skill in managing challenging situations.
  • Ability to manage multiple tasks and deadlines simultaneously.
  • Expert understanding of Institute of Internal Auditors’ Standards and the common definition of internal controls. Expert understanding of the business line’s operations, products/services, systems and associated risks/controls.

If there’s anything we can do to accommodate a disability during any portion of the application or hiring process, please refer to our disability accommodations for applicants.

Learn how the way we work at U.S. Bank drives meaningful relationships with our customers and collaboration across the company.

Benefits:

Our approach to benefits and total rewards considers our team members’ whole selves and what may be needed to thrive in and outside work. That's why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mind. Our benefits include the following (some may vary based on role, location or hours):

  • Healthcare (medical, dental, vision)

  • Basic term and optional term life insurance

  • Short-term and long-term disability

  • Pregnancy disability and parental leave

  • 401(k) and employer-funded retirement plan

  • Paid vacation (from two to five weeks depending on salary grade and tenure)

  • Up to 11 paid holiday opportunities

  • Adoption assistance

  • Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law

EEO is the Law

U.S. Bank is an equal opportunity employer committed to creating a diverse workforce. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, among other factors. Applicants can learn more about the company’s status as an equal opportunity employer by viewing the federal KNOW YOUR RIGHTS EEO poster.

E-Verify

U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program.

The salary range reflects figures based on the primary location, which is listed first. The actual range for the role may differ based on the location of the role. In addition to salary, US Bank offers a comprehensive benefits package, including incentive and recognition programs, equity stock purchase 401k contribution and pension (all benefits are subject to eligibility requirements). Pay Range: $181,985.00 - $214,100.00 - $235,510.00